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Monitise, FIS agree to develop mobile money services

Monitise has signed a five year strategic partnership agreement with banking and payments technologies provider, FIS, to develop mobile money services for existing and new clients in a move that is expected to further strengthen FIS's role for financial institutions.

Under the terms of the deal, a mobile development and deployment team will be created to help banks and other financial institutions in creating new secure products and services to defend and extend their role in the payments industry.

The licensing, development and services agreement will allow FIS to use Monitise’s mobile banking and payments technology thereby deepening and strengthening relationship between the two businesses.

FIS’s 51% stake in the two company’s US joint venture was brought by Monitise in October this year with FIS acquiring a 3.3% equity stake in Monitise.

Monitise Group CEO Alastair Lukies said that FIS provides financial services technology with products and services for financial clients, ranging from small community banks to some largest financial institutions in the world.